The New Zealand sharemarket fell today. Investors put confidence in Fisher & Paykel Appliances after an independent report claimed Chinese company Haier's takeover bid for it was priced too low.
The NZX50 index closed down 0.2 per cent or 7.61 points to 3881.99. Within the index, 20 stocks were down, 17 rose and 13 were unchanged.
Craigs Investment Partners adviser Greg Easton said there were reasonable volumes traded through the main bourse.
A lot of investor attention was on Fisher & Paykel Appliances. An independent valuation out today from Grant Samuel put the company at between $1.28 and $1.57 a share, ahead of the $1.20 a share that Chinese company Haier had offered. Its shares were up 3.7 per cent to $1.25 today, leading the gainers on the index.
"Fisher & Paykel Appliances are flatly saying no and Haier is saying sorry, we think they're overvaluing it. It is going to put some interest in that stock for some time yet," Easton said.
Would-be bank Heartland rose 3 per cent to 69c, which Easton put down to speculation among investors that its banking license was closer.
"Heartland is continuing its little march upward. There is no news behind that but lots of speculation from our clients saying they're going to get a banking license, which would be seen very much as a positive."
National carrier Air New Zealand rose 2.9 per cent to $1.25. PGG Wrightson, the rural services company, was up 2.9 per cent to 36c. Westpac rose 1.7 per cent to $31.75.
Australian food ingredient maker Goodman Fielder was up 1.6 per cent to 65c. Retailer The Warehouse rose 1.3 per cent to $3.06. Industrial chemicals and resins maker Nuplex rose 1.3 per cent to $3.13.
OceanaGold led declining stocks with a 3.2 per cent fall to $3.93. Guinness Peat Group was down 1.8 per cent to 54c. Jewellery retailer Michael Hill International was down 1.7 per cent to $1.13.
Children's clothing chain Pumpkin Patch was down 1.7 per cent to $1.15. New Zealand Refining fell 1.4 per cent to $2.82. Fletcher Building was down 1.2 per cent to $7.25 and Auckland electricity and gas company Vector was down 1 per cent to $2.86.
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